Knives have various applications across industries ranging from food processing and preparation to surgical procedures. Knives are used for cutting, slicing and chopping purposes in food processing and culinary activities. They help in tasks like portioning meat, vegetables and seafood. The global knife market offers a wide variety of products from pocket knives, kitchen knives, folding knives to specialty knives.

The global knife Market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The knife market size is expected to witness significant growth owing to increasing demand from the food processing industry. As per data, the food processing industry accounts for over 80% of total knife sales globally. Growing population and changing dietary patterns have increased the demand for processed and packaged food products. This has propelled the need for high-quality, durable and efficient knives from the food processing sector for tasks like meat cutting, food chopping, slicing etc. Moreover, the rising demand for convenience food products is also augmenting market growth. However, stringent regulations regarding knife sales and growing preference for alternative cutting tools may hamper market growth over the forecast period.

SWOT Analysis

Strength: The knife market has a huge application across various end use industries such as food processing, woodworking, construction, military and defense, among others. Knives are among the most basic and essential tools required in kitchens globally. Growing food processing industry will drive strong demand for knives in the forecast period.

Weakness: Fluctuations in raw material prices can hamper the profit margins of knife manufacturers. Also, availability of counterfeit products in the market poses a threat to established brands.

Opportunity:Technological advancements have led to the development of high-performance knives made using advanced materials. Rising demand for outdoor recreational activities will create opportunities for specialty knives such as hunting knives. Growing E-commerce industry has opened new sales channels for knife manufacturers.

Threats: stringent regulations pertaining to import/export of certain types of knives especially in developed regions may challenge revenue growth to some extent. Presence of local unorganized players offering low cost alternatives also poses challenge.

Key Takeaways

The global knife market is expected to witness high growth. The market size is projected to reach US$ 4.61 Bn in 2024 from US$ 3.47 Bn in 2024, expanding at a CAGR of 8.0% during the forecast period.

Regional analysis suggests North America will continue to dominate the global knife market driven by high demand from food processing and residential sectors. Asia Pacific is anticipated to be the fastest growing region aided by growing middle class population, rising incomes and western influence.

Key players operating in the knife market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Abbott Laboratories and Amway (Nutrilite) collectively account for over 15% of total market share.

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